Though Strong, Lowe's Growth Weaker Than Expected
One of the Charlotte area's largest companies, Lowe's, is growing its profits but not as much as analysts want.
The home improvement giant reported a profit of more than $1.1 billion for its most recent fiscal quarter. That's an 8 percent increase over the same period (May through July) a year ago.
Lowe's CEO called the results "solid," and highlighted particularly strong growth in appliances and outdoor power equipment.
Still, earnings for the Mooresville-based company fell short of what analysts expected. Broken down to earnings per share, Lowe's came up four cents short of Thomson Reuters consensus forecast. The company’s shares have risen 6 percent since the first of the year.
Lowe’s operates 1, 846 stores in the U.S., Canada and Mexico and expects to open 15 to 20 locations by the end of January. It also expects to increase total sales about 5 percent by then.